(Editor's Note: This article has been contributed by David M. Governo, founding partner of Governo Law Firm LLC, and Corey M. Dennis, attorney at Governo Law Firm LLC.
Data privacy breaches occur daily and are estimated to cost $5.5 million per breach,[1] while the worldwide cost of cybercrime is estimated to be $388 billion annually.[2] In addition to the risk of significant financial loss, cyber attacks can ruin a company's reputation virtually overnight.
Although companies in the health care, hospitality, and retail industries are considered the prime targets of cyber attacks, companies in the insurance industry share the same risks of financial and reputational loss. In fact, a recent report found that despite increased focus on data security, approximately 40 percent of the 46 major insurance organizations have experienced data breaches in the past 12 months.[3]
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
